PBF Energy 2013 Annual Report Download - page 125

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PBF ENERGY INC. AND
PBF HOLDING COMPANY LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT SHARE, UNIT, PER SHARE, PER UNIT AND BARREL DATA)
F- 29
4. INVENTORIES
Inventories consisted of the following:
December 31, 2013
Titled
Inventory
Inventory
Supply and
Offtake
Arrangements Total
Crude oil and feedstocks $ 518,599 $ 89,837 $ 608,436
Refined products and blendstocks 425,033 378,286 803,319
Warehouse stock and other 33,762 — 33,762
$ 977,394 $ 468,123 $ 1,445,517
December 31, 2012
Titled
Inventory
Inventory
Supply and
Offtake
Arrangements Total
Crude oil and feedstocks $ 384,441 $ 257,947 $ 642,388
Refined products and blendstocks 405,545 417,865 823,410
Warehouse stock and other 31,321 — 31,321
$ 821,307 $ 675,812 $ 1,497,119
Inventory under inventory supply and offtake arrangements includes the inventory held in the Company’s refineries'
storage facilities in connection with the Crude Supply Agreements, Offtake Agreements and Inventory
Intermediation Agreements.
At December 31, 2013 and December 31, 2012, the replacement value of inventories exceeded the LIFO carrying
value by approximately $78,407 and $79,859, respectively.
5. PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment consisted of the following:
December 31,
2013
December 31,
2012
Land $ 61,780 $ 61,780
Process units, pipelines and equipment 1,658,256 1,484,727
Buildings and leasehold improvements 25,577 11,073
Computers, furniture and fixtures 54,496 38,657
Construction in progress 166,565 145,525
1,966,674 1,741,762
Less—Accumulated depreciation (185,085)(106,175)
$ 1,781,589 $ 1,635,587